ECON 380

Identify model elements:

Students will identify the common building blocks of economic models (actors, choices, objectives, constraints).

Explain economic terms:

Students will explain common economic concepts (such as marginal utility, marginal rates of substitution, equilibrium, consumer and producer surplus, elasticities, complements and substitutes, and production technology) and compute them in mathematical models.

Describe axioms:

Students will describe the axioms of consumer and producer theory and recognize consequences of their violation.

Perform optimization:

Students will employ the mathematical tools of constrained and unconstrained optimization to solve common economic models of household and firm behavior.

Interpret model results:

Students will graphically and numerically interpret the results of optimization and comparative statics calculations for firms, consumers and single partial equilibrium markets.

Analyze Public Policy:

Students will analyze common policy outcomes in partial equilibrium markets including the effect of price controls and commodity taxation.

Decompose Price Effects:

Students will analyze and interpret the substitution, income and output effects of price changes on consumer and firm behavior.

Model economic costs:

Students will classify representations of business costs commonly used in production models.

Faith and Economic Analysis:

Students will identify gospel principles that can enrich our understanding of economics and reflect on the ways in which their faith affects their choices as consumers and positions on economic policy.

Ethical Action:

Students will identify and act in accordance with the highest standards of academic integrity and professional ethics.